PKR Becomes Worst Currency Against US Dollar in Asia
The Pakistani Rupee (PKR) has crossed Rs. 157 against the US Dollar (USD) for the first time since the beginning of March 2021. Today, the Pakistani Rupee was reported to have closed above Rs. 157, following five weeks of unsteady declines.
The Pakistani rupee was dubbed “the world’s best-performing currency” not too long ago, when its value against the US dollar during the first three months of the year was the highest. From January through March.
In recent weeks, however, the Pakistani Rupee has shown to be among the weakest currencies, as the local unit has become the leading currency in Asia since its most recent decline, which lasted five consecutive weeks.
Pakistani Rupees have suffered significant losses against other major currencies, and with little or no recovery today, the interbank currency for Pakistani Rupees is once again exhibiting disparate results versus key currencies.
In addition, the trade imbalance is once again approaching the danger zone, which, along with the USD’s strength on the world market, exerts pressure on all developing economies, including Pakistan.
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